Women Participation in Real Estate

As the world joined hands to honor the 101th celebration of womanhood yesterday, the financially independent young women in India had plenty of reasons to cheer.

India - Faces - Rural women driving their own change 1

Women in Indian villages

For the past few years our country has taken measures to specifically increase the number of women buying property in India. Fortunately they have at large proved fruitful too. In the ancient times a woman faced difficulty in getting loans and if they were fortunate ones to get it, it was likely at a premium to what their male counterparts might receive. But now times have changed. The fairer sex is motivated to invest in property owing to a higher real estate tax rebate and cheaper loans for them in parts of India.

Here are some facts for women looking to buy property:

  • If you invest in an equity-linked savings scheme (ELSS), you could claim deductions of up to Rs 1 lac. Where as a housing loan enables you to avail tax benefits on principal repayment up to Rs 1 lac as well as up to Rs 1, 50,000 on interest paid on the loan.
  • If you want to purchase the house jointly with your parents (assuming you live there), you can claim deductions on your share of home loan.
  • If you are staying with your parents (in a house owned by them) and want to lease out the house you have purchased. In such a situation, in addition to deductions on re-payment of home loan principal up to Rs 1 lac, you can claim the entire interest paid as deduction against the rental income.
  • If the interest paid during the year is Rs 5 lac and the rent earned is Rs 2 lac, the interest amount can be claimed as deduction against Rs 1, 40,000. This will mean a loss of Rs 3, 60,000, which can be set off against your salary income, thus maximizing your tax gains.
  • If you plan to get married in the near future, your husband and you could maximize tax benefits on a home loan if you jointly own the house, besides lowering the repayment burden.
  • In the age of 20s-30s, there is a tendency to invest in a house on the basis of budget, i.e., if a 1BHK apartment is affordable, you are inclined to opt for the same, but you should keep in mind that you might need a 2BHK flat a few years from now.

Today women are on the same professional, personal and financial platform as men. You are independent, earn high salary, drive your own car, and have an impressive lifestyle full of luxuries. Owning a house would make you feel safe and secure for the future and serve as a wise investment option.

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